Core Viewpoint - Joby Aviation is leading the eVTOL market with a promising business model that suggests long-term growth potential, outperforming the S&P 500 significantly over the past three years and one year [1] Group 1: Company Performance - Joby Aviation's stock has increased by 336% over the last three years compared to the S&P 500's 75% and 73% over the last year compared to the S&P 500's 13% [1] - The current market capitalization of Joby Aviation is $14 billion, with a current stock price of approximately $14.85 [3] - Joby has a gross margin of -11490.90%, indicating significant financial challenges [3] Group 2: Business Model and Market Position - Joby Aviation operates as both the original equipment manufacturer (OEM) and the owner/operator of its aircraft, which provides it with more upside potential compared to competitors like Archer Aviation [3][4] - The company is expected to begin FAA Type Inspection Authorization flights in 2026, positioning it ahead of competitors in the certification race [6] - Joby's vertical manufacturing approach focuses on designing and manufacturing components in-house, supported by Toyota, contrasting with Archer's reliance on external suppliers [7] Group 3: Investment Considerations - Analysts express concerns about Joby's valuation and potential regulatory hurdles, with a price target of $10 compared to the current price of around $15 [2][4] - Despite potential regulatory challenges in urban air mobility, Joby has opportunities in defense/government sectors and regional air mobility, along with investment support from Delta Air Lines [9] - The stock's historical volatility suggests that investors may want to consider timing their entry points carefully [11]

Financial Data and Key Metrics Changes - The company reported second quarter revenue of $27.4 million, exceeding guidance of $23.5 million to $26.5 million, and representing a 17% sequential increase from the first quarter [12][21] - Adjusted EBITDA loss for Q2 was $9.5 million, outperforming guidance of a loss between $10 million and $13 million, with an improvement of $4.8 million sequentially [12][22] - Scheduled service revenue increased by 20% in Q2 compared to Q1, while on-demand revenue rose by 5% [12][21] Business Line Data and Key Metrics Changes - Airline operations achieved profitability in Q2, with significant improvements in key operating metrics such as on-time departure and arrival, and controllable completion factor improved from 82% in Q1 to 95% in Q2 [5][12] - The on-demand business saw positive margins in June, attributed to a focus on product profitability and the introduction of a new jet card [7][12] Market Data and Key Metrics Changes - The company signed an interline agreement with Japan Airlines, enhancing passenger flow into its Hawaiian route network [6] - The essential air service (EAS) accounted for approximately 46% of scheduled service revenue, indicating its significance in the revenue mix [38] Company Strategy and Development Direction - The company is focused on transforming into a technology-led organization, emphasizing the development of the Surf OS software platform powered by Palantir [8][14] - Plans for 2026 include expanding the scheduled service network with new Tier one routes and aircraft from Textron Aviation [14][15] - The company is pursuing partnerships for electrification efforts, including a bilateral agreement with Elektra for hybrid electric aircraft [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory, highlighting improvements in capital structure, operational performance, and a focus on profitability [25] - The outlook for Q3 expects revenue to remain strong, projected between $27 million and $28.5 million, with adjusted EBITDA loss anticipated to be between $8.5 million and $10 million [23][24] Other Important Information - The company raised approximately $45 million in additional capital during Q2, which has accelerated operational improvements [13][19] - The agreement with Palantir positions the company as an exclusive partner for software configuration and sales to Part 135 operators and brokers [10][48] Q&A Session Summary Question: Can you talk about the go-to-market strategy for Surf OS? - The company is currently in the beta phase focusing on product development and identifying real use cases before moving to monetization strategies [28][29] Question: Any update on the certification process for electrification? - The company is on track for a late 2027 timeframe for its electrification initiative and is working with strategic partners [31][33] Question: How much more room for improvement is there in airline operations? - The company is in the middle innings of operational optimization, with ongoing improvements expected from the rollout of new applications [34][35] Question: What percentage of revenues were connected to essential air service? - Approximately 46% of scheduled service revenue is connected to essential air service [38] Question: What are the plans for the commercial launch of Surf OS? - The rollout is expected to begin in the first half of 2026, with a focus on proper implementation for initial partners [40][41] Question: Can you elaborate on the Palantir agreement? - The agreement expands the relationship with Palantir, allowing the company to be the exclusive partner for software sales to specific operators and to collaborate on larger projects [47][48] Question: What is the current controllable completion factor? - The controllable completion factor is currently around 95-96%, with efforts in place to maintain and optimize this performance [50][51]

Financial Data and Key Metrics Changes - First quarter revenue was $23,500,000, at the high end of the expected range of $21,000,000 to $24,000,000, keeping the company on track to meet the full year expectation of over $100,000,000 in revenue [8][26] - Adjusted EBITDA loss in Q1 was $14,400,000, within the expected range provided in the last earnings release [8][27] - Scheduled service revenue decreased by 23% year over year, primarily due to the elimination of unprofitable routes and a brief interruption of service in January [27] - On-demand service revenue decreased by 25% year over year, driven by lower sales and flight completions [27] Business Line Data and Key Metrics Changes - The Essential Air Service (EAS) Program represents approximately 40% of revenue, with long-term subsidized contracts providing connectivity to underserved domestic markets [21] - The company is focusing on profitability in the on-demand business and has exited several unprofitable charter products [13][27] - The company returned five older aircraft to lessors during Q1, simplifying the fleet to focus on the operationally efficient Cessna Grand Caravan [10] Market Data and Key Metrics Changes - The company operates almost exclusively in the U.S., primarily flying aircraft manufactured domestically, which mitigates the impact of tariffs [4][20] - The current economic environment has benefited the company, particularly with lower fuel costs [22] Company Strategy and Development Direction - The company aims to become a premier regional air mobility platform, focusing on three growth vectors: expansion of air mobility operations, commercial rollout of the regional air mobility software platform, and sale of electrified powertrains for the Cessna Caravan [29] - The company is in late-stage discussions with key partners to advance its electrification initiative [18][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging economic, regulatory, and funding environment but emphasizes proactive management of operations and cost structure [29] - The company expects to achieve positive adjusted EBITDA in airline operations by 2025 [19][28] Other Important Information - The company raised an incremental $5,000,000 in funding subsequent to the end of Q1 [9] - The interline agreement with Japan Airlines allows for expanded access to over 435 million customers [12] Q&A Session Summary Question: Impact of changes to the essential air service budget - Management believes that being a low-cost operator provides a competitive advantage, especially if higher-cost operators face subsidy reductions [33][36] Question: Core versus non-core scheduled and charter flights - Hawaii is identified as a core area, with a focus on profitability and operational efficiency in route selection [37][38] Question: Adding new profitable routes - The company is currently focused on exiting unprofitable routes and plans to enter new tier one routes next year [41] Question: Progress on Surf OS product - The company is integrating feedback from beta users and plans a full commercial rollout of Surf OS in 2026 [44][46] Question: Service interruption details - The service interruption in January was unplanned and related to maintenance issues, which have since been resolved [48] Question: Future partnerships and geographic targets - The company is open to expanding partnerships beyond the U.S., following the successful agreement with Japan Airlines [50]

Financial Data and Key Metrics Changes - Revenues for Q4 2024 reached $28,050,000, exceeding the upper end of guidance [5][22] - Adjusted EBITDA loss improved by $11,500,000 or 63% to $6,900,000 for Q4 2024 [6][22] - Full year revenue rose by $6,500,000 or 6% year over year to $119,400,000 [6][23] - Full year adjusted EBITDA loss improved by $6,800,000 or 13% to $44,100,000 [6][23] Business Line Data and Key Metrics Changes - Scheduled service revenue decreased by 6% due to the elimination of unprofitable routes [22] - On-demand service revenue increased by 58% driven by higher sales and flight completions [22] - Full year on-demand service revenue increased by 28% primarily due to improved charter sales [23] Market Data and Key Metrics Changes - The company has exited several unprofitable routes, focusing on profitable operations [9][24] - The Essential Air Service (EAS) business is expected to benefit from the FAA Reauthorization Act, enhancing competitive positioning [9] Company Strategy and Development Direction - The transformation plan consists of four phases: transformation, optimization, expansion, and acceleration, with the transformation phase completed in 2024 [7][8] - The company aims for profitable airline operations defined as positive adjusted EBITDA for the full year of 2025 [8][20] - The relocation of the operations center to Dallas, Texas is intended to attract talent and reduce costs [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability in airline operations for 2025, driven by process improvements and exiting unprofitable routes [20][25] - The company anticipates achieving at least $100,000,000 in revenue and profitability in airline operations for the full year 2025 [26] - Management highlighted strong momentum entering 2025 with a focus on executing the transformation plan and electrification initiatives [33] Other Important Information - A $50,000,000 term loan was secured in November 2024 to support the transformation plan [5][25] - The company has reduced liabilities by over $42,000,000, exceeding the targeted reduction [25] Q&A Session Summary Question: Does a full year continuing resolution being passed by Congress impact when you can receive new contracts or renewals on the essential air service flights? - Management indicated that the DOT has several awards and bids pending, which could positively impact revenue through higher subsidy rates [34][36] Question: Do you plan to shift more of the fleet's airframes over to flying on-demand flights from scheduled air service? - Management clarified that the current fleet is primarily used for scheduled service, with operators servicing most on-demand business [37] Question: Could you provide additional color on the recently announced SurfOS customers and monetization? - Management stated that the offerings are currently in pre-revenue testing with beta customers [41] Question: Should we assume operating costs will be roughly flat in 2025 compared to 2024? - Management confirmed a focus on reducing operating costs to achieve profitability in airline operations [44] Question: Are you comfortable with the balance sheet to execute this plan and initiate growth strategies in 2025 and 2026? - Management expressed intent to be strategic with capital raises to create shareholder value [45] Question: Any early feedback on the SurfOS beta launch? - Management reported positive early feedback from beta customers regarding the unique offerings of SurfOS [50][51] Question: Is there any runway or cadence for addressing the maintenance backlog? - Management indicated that a substantial amount of the maintenance backlog is expected to be resolved in the first quarter [54]

As filed with the U.S. Securities and Exchange Commission on June 24, 2024 Registration No. 333-280086 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEW HORIZON AIRCRAFT LTD. (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) Brandon Robinson Chief Executive Officer 7219 Eventrail Drive Powell, OH, 43065 Tel: (613) 866-1935 (Name, Ad ...

As filed with the U.S. Securities and Exchange Commission on June 24, 2024 Registration No. 333-280086 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEW HORIZON AIRCRAFT LTD. (Exact Name of Registrant as Specified in its Charter) British Columbia 3721 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identific ...

As filed with the U.S. Securities and Exchange Commission on April 29, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEW HORIZON AIRCRAFT LTD. (Exact Name of Registrant as Specified in its Charter) British Columbia 3721 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3187 Highway 35 ...

As filed with the U.S. Securities and Exchange Commission on April 29, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEW HORIZON AIRCRAFT LTD. (Exact Name of Registrant as Specified in its Charter) British Columbia 3721 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3187 Highway 35 ...

As filed with the U.S. Securities and Exchange Commission on April 5, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 (Exact Name of Registrant as Specified in its Charter) to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEW HORIZON AIRCRAFT LTD. Brandon Robinson Chief Executive Officer 3187 Highway 35 Lindsay, Ontario, K9V 4R1 Tel: (613) 866-1935 (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Servi ...

As filed with the U.S. Securities and Exchange Commission on February 14, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 NEW HORIZON AIRCRAFT LTD. (Exact Name of Registrant as Specified in its Charter) British Columbia 3721 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) 3187 Highway 35 Lindsay, Ontario ...